WELCOME TO BAILEY PARK in BENTON PA
ONLY (3) LOTS LEFT
CALL FOR DETAILS: 570-925-2077
FOR SALE: 1 Bedroom, 1 Bath, 1-Car Garage Home located in beautiful BAILEY PARK in Benton PA
$199,000.00
Call for details: 570-925-2077
The Financial Burden of a Spouse’s Death: Be Aware:
When a Social Security beneficiary dies, it goes without saying that if both of spouses were collecting monthly payments, one of those streams will dry up
You’ll likely pay higher taxes: Surviving spouses often face a so-called widow’s penalty—paying taxes at higher rates, even though their income may drop after the death of the spouse.
The Tax Break you get on the sale of your home may shrink: When selling a jointly owned home, couples may be able to exclude $500,000 in profits from income. As a survivor, you must sell the home within two years of your spouse’s death to claim that exemption. To be eligible, the couple need to have owned and lived in the home at least 2 out of the 5 years preceding the death.
Your Credit Score may get dinged: When couples jointly use a credit card, one spouse is generally the primary account holder and the other is the authorized user. Typically, the account is canceled when the bank learns of a cardholder’s death, so it’s a good idea for each spouse to be the primary account holder on at least one credit card. Put the payments on auto pay so during your grieving time the payments are not late. The biggest threat to your credit is late or missed payments.
You’ll become a target for Scammers: Fraudsters often search for the names and addresses of widows or widowers in probate documents or obituaries. Common tactics include pretending to be a Social Security employee who needs your personal information to prevent your payments from stopping, telling you that you’ll have to make a premium payment in order to collect on a life insurance policy, or claiming your deceased spouse owed a debt that must be repaid. Having lost a life partner, you may also be susceptible to romance partners.